[August’s Video Will Go Here]
Why We’re Making This Change
We believe banking should be easy to understand, simple to manage, and built around the way you use your money. Over time, our checking products have grown more complex, with multiple versions offering similar features under different names.
To simplify your experience and offer more value, we’re streamlining our checking accounts into a new lineup that’s easier to use, easier to manage, and designed to meet a wide range of member needs — from basic, no-fee accounts to those that reward everyday banking.
Starting July 1, 2025, we’re updating our checking products to make banking easier, clearer, and more rewarding for every member. We will transition your existing checking account to one of our new checking options: Essentials Checking or Rewards Checking.
If you currently have Student Checking, Free Checking, Representative Payee Checking, Direct Checking, or 50 Plus Checking, you will automatically move to one of our new streamlined checking accounts — Essentials Checking or Rewards Checking — based on how you use your account today.
What’s Changing?
| Current Account Type | New Account (Effective July 1, 2025) |
|---|---|
| Student Checking | Essentials Checking |
| Free Checking | Essentials Checking |
| Representative Payee Checking | Essentials Checking |
| Direct Checking | Rewards Checking |
| 50 Plus Checking | Rewards Checking |
This change is automatic. No action is required on your part.
What Stays the Same?
- Your debit card and checks will continue to work with no interruption.
- Your account number and MICR number will stay the same.
- All existing direct deposits, automatic payments, and transfers will continue as scheduled.
- No additional steps are needed from you.
Meet Your New Checking Account
Essentials Checking
A no-hassle, everyday account made for simplicity.
- No monthly fee
- No minimum balance
Perfect for members who want straightforward banking without extras.
Rewards Checking
A flexible account that lets you earn dividends — and enjoy more value from your everyday banking.
Here’s what you can expect:
- Earn .050% APY* on balances over $250 when you meet a few simple monthly qualifiers.
- Unlock a higher dividend rate, 0.075% APY* when your combined checking and savings balances total $2,500 or more.
- Free online banking & bill pay
- One free box of checks per calendar year
To qualify for dividends, and avoid a monthly fee, you must each month:
- Be enrolled in eStatements, and
- Do one of the following:
- Have at least $50 in direct deposit in your Rewards Checking, or
- Make 6 debit card point of sale or online purchases using your Rewards Checking debit card.
And for those months where you may not meet those requirements a $3.95 maintenance fee will be applied.
*APY= Annual Percentage Yield. For Rewards Checking accounts you may qualify for monthly dividends if you meet the applicable minimum qualification requirements for the monthly qualification cycle. To meet the minimum qualification requirements, you must: 1) be enrolled in e-statements; and 2) have one electronic deposit into the account of at least $50 or 6 point of sale or online purchases using the rewards debit card posted and settled during the monthly qualification cycle. Refunded or returned debit card purchases will be subtracted from your monthly transaction count used to qualify for rewards. Additionally, micro deposits and prenotes do not count toward electronic deposits. The monthly qualification cycle is defined as the first calendar day of the month to the last calendar day of the month. You may qualify for an increased annual percentage yield if you maintain an aggregate daily balance of $2,500.00 in your accounts. A $3.95 Monthly Maintenance Fee will apply in any month the qualifications are not met. This fee will be waived for the first two statement cycles after account transition. The fee is also waived for members aged 18-24. Each Rewards Checking under the same membership must meet the qualifications to earn dividends and avoid the monthly maintenance fee. Checking dividend are subject to change monthly without prior notice. Consumer accounts only. Other restrictions may apply.
Want to Earn Even More?
Rewards+ Checking (Optional Upgrade)
Available starting July 1, 2025
If you’re looking to get even more from your everyday banking, Rewards+ Checking will be available as a premium upgrade. It’s designed for members who are financially active and digitally engaged and want to maximize value through everyday banking habits.
With our Rewards+ Checking, you can earn an impressive 2.00% APY ** on balances up to $10,000 when you meet the monthly qualifiers.
If you feel your banking habits are a better fit for Rewards+ Checking, we’d be happy to help you make the switch. This product becomes available July 1, 2025– just reach out if you’d like to explore this option.
**APY= Annual Percentage Yield. For Rewards+ Checking accounts, may qualify for monthly dividends if you meet the applicable minimum qualification requirements for the monthly qualification cycle. To meet the minimum qualification requirements, you must: 1) be enrolled in e-statements; 2) log into online banking once per qualification cycle; and 3) have a combination of two of the following: electronic deposits into the account of at least $1,000.00, 12 point of sale or online purchases using the Rewards+ debit card posted and settled during the monthly qualification cycle, hold a non-revolving personal loan with a balance of $10,000.00 or more, or have an active mortgage loan. Refunded or returned debit card purchases will be subtracted from your monthly transaction count used to qualify for rewards. Additionally, micro-deposits and prenotes do not count toward the electronic deposit requirement. The monthly qualification cycle is defined as the first calendar day of the month to the last calendar day of the month. The Rewards+ Checking account is a tiered rate account. If you meet the minimum qualification requirements during the monthly qualification cycle, the first dividend rate and annual percentage yield listed in the Rate Schedule will apply if your balance is from $10,000.00 and below. The second dividend rate and annual percentage yield listed for this account will apply if your balance is from $10,000.01 or greater. Each dividend rate will apply only to that portion of the account balance within each balance range. A $5.95 Monthly Maintenance Fee will apply in any month the qualifications are not. This fee will be waived for the first two statement cycles after account transition. The fee is also waived for members aged 18-24. There is a limit of one Rewards+ Checking account per member. Checking dividend are subject to change monthly without prior notice. Consumer accounts only. Other restrictions may apply.
New Checking Accounts: Frequently Asked Questions
The migration to the new checking accounts will happen overnight on June 30, so you’ll see the changes in your account starting July 1, 2025.
All checking accounts will migrate into the new products as follows:
- Free Checking, Student Checking and Rep Payee Accounts will convert to Essentials Checking.
- Direct Checking and 50+ Checking will convert to Rewards Checking.
Rewards+ Checking is not part of the automatic migration. If you feel your banking habits are a better fit for Rewards+ Checking, we’d be happy to help you make the switch. This product becomes available July 1, 2025- just reach out if you’d like to explore this option.
Your account number and routing number will remain the same.
No, your current membership will only be upgraded to the new checking product. Rest assured, both your MICR number and your debit card will not be affected in the migration.
All current direct deposits and bill payments will continue uninterrupted in your Essentials or Rewards Checking account.
- Essentials Checking has no monthly fees, or minimum balance requirements.
- Rewards Checking monthly maintenance fee of $3.95 can be avoided with enrollment in E-Statements and meeting one qualifier. This fee is waived if you are between 18-24.
- Rewards+ Checking monthly maintenance fee of $5.95 can be avoided by enrollment in E-Statements and monthly login to online banking plus meeting any two additional qualifiers. This fee is waived if you are between 18-24.
Specific activity that needs to be completed each month to avoid the monthly maintenance fees. Qualifiers for each checking product are as follows:
- Essentials Checking no qualifiers.
- Rewards Checking– Enrollment in E-Statements and one of the following:
- Electronic Deposit into Rewards Checking of at least $50 per month. (Micro deposits/prenotes do not apply)
- At least 6 point- of- sale or online purchases using the Rewards debit card. (Reversals or credits do not apply, debit card purchases must post before the end of the month)
- Rewards+ Checking– Enrollment in E-Statements and monthly login to online banking, plus meet any two additional qualifiers.
- Electronic deposit(s) into Rewards+ Checking totaling at least $1,000 (accumulative) (Micro deposits/prenotes do not apply)
- At least 12 point- of- sale or online purchases using the Rewards debit card. (Reversals or credits do not apply, debit card purchases must post before the end of the month)
- Hold a non-revolving personal loan with an outstanding balance of $10,000+.
- Have an active Mortgage Loan. (in good standing)
If the qualifiers aren’t met, a monthly maintenance fee will be applied to your checking account.
You will need to meet another qualifier for the Rewards+ Checking account.
You may have additional Rewards Checking within the same membership.
With the Rewards+ Checking, you are limited to one per member.
(Any additional Rewards Checking account must meet the same qualifications to earn dividends and avoid monthly maintenance fee.)
No, you may select the checking product that best fits your banking habits at any time. Please note that the Rewards Checking and Rewards+ Checking require qualifying activity to be eligible for dividends and to avoid a monthly maintenance fee.
Need Help or Have Questions?
We’re here to make this transition smooth and simple. If you have any questions about the changes, simply reach out to a branch team member; our contact center at 1.888.448.2133 or 843.448.2133; book an appointment or email us at MemberServiceCenter@carolinatrust.org .
